{
  "as_of": "2026-10-23",
  "count": 18,
  "scope": "Thin public cards. Full dossiers (ownership, funding, people, sites, fuel chain) are planned for the Control Room.",
  "rung_scale": {
    "1": "Pre-application",
    "2": "Docketed",
    "3": "Permit / approval",
    "4": "Operating or combined license",
    "5": "Operating"
  },
  "entities": [
    {
      "id": "terrapower",
      "name": "TerraPower",
      "type": "Fast reactor vendor",
      "design": "Natrium, 345 MWe sodium fast reactor with salt storage",
      "ticker": "Private",
      "nrc_rung": 3,
      "rung_label": "NRC rung 3 · Permit / approval",
      "non_nrc": false,
      "grade": "A licensing; C/D fuel and deals",
      "as_of": "2026-10-23",
      "status": "Kemmerer Unit 1 holds the first commercial non-LWR construction permit (Mar 9, 2026); no operating-license application yet. First-core HALEU depends on an ASP Isotopes plant in South Africa targeted for 2027.",
      "in_deal_book": [
        {
          "id": "natrium-fleet-2-funded-6-rights",
          "deal": "Natrium fleet (2 funded + 6 rights)",
          "tier": 5,
          "k_band": "k<1"
        },
        {
          "id": "kemmerer-unit-1-natrium",
          "deal": "Kemmerer Unit 1 (Natrium)",
          "tier": 5,
          "k_band": "k<1"
        },
        {
          "id": "sabey-terrapower-mou",
          "deal": "Sabey–TerraPower MOU",
          "tier": 7,
          "k_band": "k<1"
        }
      ],
      "coverage_note": null
    },
    {
      "id": "xe",
      "name": "X-energy",
      "type": "Gas/TRISO vendor",
      "design": "Xe-100, 80 MWe high-temperature gas reactor (TRISO pebble)",
      "ticker": "Nasdaq: XE",
      "nrc_rung": 2,
      "rung_label": "NRC rung 2 · Docketed",
      "non_nrc": false,
      "grade": "A licensing; D IPO",
      "as_of": "2026-10-23",
      "status": "Long Mott four-unit construction-permit application docketed May 12, 2025; mandatory hearing Sep 22, 2026, final safety evaluation targeted Nov 2026, decision pending. Its TRISO-X fuel plant is licensed but not operating.",
      "in_deal_book": [
        {
          "id": "long-mott-generating-station",
          "deal": "Long Mott Generating Station",
          "tier": 3,
          "k_band": "k=1"
        },
        {
          "id": "cascade-advanced-energy-facility",
          "deal": "Cascade Advanced Energy Facility",
          "tier": 4,
          "k_band": "k<1"
        },
        {
          "id": "x-energy-5-gw-partnership-remainder",
          "deal": "X-energy 5 GW partnership (remainder)",
          "tier": 6,
          "k_band": "k<1"
        },
        {
          "id": "indiana-xe-100-plant-breed-site",
          "deal": "Indiana Xe-100 plant (Breed site)",
          "tier": 6,
          "k_band": "k<1"
        }
      ],
      "coverage_note": null
    },
    {
      "id": "kairos",
      "name": "Kairos Power",
      "type": "Salt reactor vendor",
      "design": "KP-FHR, fluoride salt-cooled (TRISO pebble)",
      "ticker": "Private",
      "nrc_rung": 3,
      "rung_label": "NRC rung 3 · Permit / approval",
      "non_nrc": false,
      "grade": "A licensing; C/D deals",
      "as_of": "2026-10-23",
      "status": "Hermes and Hermes 2 hold non-power construction permits; a Hermes completion extension to Apr 30, 2029 has been requested. Hermes 2 output goes to TVA, with Google taking the attributes.",
      "in_deal_book": [
        {
          "id": "hermes-2",
          "deal": "Hermes 2",
          "tier": 3,
          "k_band": "k=1"
        },
        {
          "id": "kairos-master-agreement-remainder",
          "deal": "Kairos master agreement (remainder)",
          "tier": 6,
          "k_band": "k<1"
        }
      ],
      "coverage_note": null
    },
    {
      "id": "oklo",
      "name": "Oklo",
      "type": "Fast reactor vendor",
      "design": "Aurora, sodium fast reactor (metal HALEU fuel)",
      "ticker": "NYSE: OKLO",
      "nrc_rung": 1,
      "rung_label": "NRC rung 1 · Pre-application + non-NRC track",
      "non_nrc": true,
      "grade": "A cash; C deals",
      "as_of": "2026-10-23",
      "status": "No NRC application on file: the 2020 combined-license application was denied without prejudice Jan 6, 2022. Aurora-INL is on the DOE pilot track instead (PDSA approved Jun 11, 2026).",
      "in_deal_book": [
        {
          "id": "pike-county-oh-aurora-campus",
          "deal": "Pike County OH Aurora campus",
          "tier": 5,
          "k_band": "k<1"
        },
        {
          "id": "switch-master-power-agreement",
          "deal": "Switch master power agreement",
          "tier": 6,
          "k_band": "k<1"
        },
        {
          "id": "equinix-pre-agreements",
          "deal": "Equinix pre-agreements",
          "tier": 7,
          "k_band": "k<1"
        }
      ],
      "coverage_note": null
    },
    {
      "id": "nuscale",
      "name": "NuScale Power",
      "type": "LWR SMR vendor",
      "design": "US460, 77 MWe light-water SMR modules",
      "ticker": "NYSE: SMR",
      "nrc_rung": 3,
      "rung_label": "NRC rung 3 · Permit / approval",
      "non_nrc": false,
      "grade": "A licensing; C/D deals",
      "as_of": "2026-10-23",
      "status": "US460 standard design approval issued May 29, 2025. No customer has a construction permit or combined license for a NuScale plant.",
      "in_deal_book": [
        {
          "id": "tva-entra1-nuscale-program",
          "deal": "TVA–ENTRA1 NuScale program",
          "tier": 6,
          "k_band": "k<1"
        },
        {
          "id": "standard-power-smr-plan",
          "deal": "Standard Power SMR plan",
          "tier": 7,
          "k_band": "k<1"
        }
      ],
      "coverage_note": null
    },
    {
      "id": "geh",
      "name": "GE Vernova Hitachi",
      "type": "LWR SMR vendor",
      "design": "BWRX-300, 300 MWe boiling-water SMR",
      "ticker": "Parents: NYSE: GEV · TSE: 6501",
      "nrc_rung": 3,
      "rung_label": "NRC rung 3 · Permit / approval + non-NRC track",
      "non_nrc": true,
      "grade": "A",
      "as_of": "2026-10-23",
      "status": "Clinch River Unit 1 construction permit issued Sep 28, 2026 (TVA). Darlington Unit 1 in Ontario is under construction under a CNSC licence.",
      "in_deal_book": [
        {
          "id": "darlington-bwrx-300-unit-1",
          "deal": "Darlington BWRX-300 Unit 1",
          "tier": 3,
          "k_band": "k=1"
        }
      ],
      "coverage_note": null
    },
    {
      "id": "holtec",
      "name": "Holtec International",
      "type": "LWR SMR vendor",
      "design": "SMR-300, 300 MWe-class PWR; Palisades restart owner",
      "ticker": "Private (IPO withdrawn Sep 25, 2026)",
      "nrc_rung": 2,
      "rung_label": "NRC rung 2 · Docketed",
      "non_nrc": false,
      "grade": "A",
      "as_of": "2026-10-23",
      "status": "Palisades restart: fuel load began Aug 30, 2026, with no new grid date. Pioneer 1–2 (SMR-300): limited-work-authorization part docketed Feb 2026, Part 2 due by mid-2027.",
      "in_deal_book": [
        {
          "id": "palisades-restart",
          "deal": "Palisades restart",
          "tier": 2,
          "k_band": "k>1"
        },
        {
          "id": "palisades-pioneer-1-2-smr-300",
          "deal": "Palisades Pioneer 1–2 (SMR-300)",
          "tier": 5,
          "k_band": "k<1"
        }
      ],
      "coverage_note": null
    },
    {
      "id": "tva",
      "name": "TVA",
      "type": "Owner/utility",
      "design": null,
      "ticker": "Federal corporation",
      "nrc_rung": 3,
      "rung_label": "NRC rung 3 · Permit / approval",
      "non_nrc": false,
      "grade": "A",
      "as_of": "2026-10-23",
      "status": "Clinch River BWRX-300 construction permit issued Sep 28, 2026 on its early site permit; commercial operation now Dec 2033. Buys Hermes 2 output.",
      "in_deal_book": [
        {
          "id": "hermes-2",
          "deal": "Hermes 2",
          "tier": 3,
          "k_band": "k=1"
        },
        {
          "id": "clinch-river-bwrx-300",
          "deal": "Clinch River BWRX-300",
          "tier": 5,
          "k_band": "k<1"
        },
        {
          "id": "tva-entra1-nuscale-program",
          "deal": "TVA–ENTRA1 NuScale program",
          "tier": 6,
          "k_band": "k<1"
        }
      ],
      "coverage_note": null
    },
    {
      "id": "opg",
      "name": "Ontario Power Generation",
      "type": "Owner/utility",
      "design": null,
      "ticker": "Ontario Crown corporation",
      "nrc_rung": null,
      "rung_label": "Non-NRC track",
      "non_nrc": true,
      "grade": "B",
      "as_of": "2026-10-23",
      "status": "Darlington BWRX-300 Unit 1 under a CNSC licence to construct; basemat placed Apr 2026, grid connection targeted for end-2030.",
      "in_deal_book": [
        {
          "id": "darlington-bwrx-300-unit-1",
          "deal": "Darlington BWRX-300 Unit 1",
          "tier": 3,
          "k_band": "k=1"
        }
      ],
      "coverage_note": null
    },
    {
      "id": "constellation",
      "name": "Constellation",
      "type": "Owner/utility",
      "design": null,
      "ticker": "Nasdaq: CEG",
      "nrc_rung": null,
      "rung_label": "Existing fleet (no new-build rung)",
      "non_nrc": false,
      "grade": "A/C",
      "as_of": "2026-10-23",
      "status": "Crane (TMI-1) restart for Microsoft: NRC environmental assessment and FONSI published Sep 2026; restart approvals pending, target 2H 2027.",
      "in_deal_book": [
        {
          "id": "clinton-ppa-relicense",
          "deal": "Clinton PPA + relicense",
          "tier": 1,
          "k_band": "k>1"
        },
        {
          "id": "calvert-cliffs-ppa-existing-share",
          "deal": "Calvert Cliffs PPA (existing share)",
          "tier": 1,
          "k_band": "k>1"
        },
        {
          "id": "constellation-existing-fleet-supply",
          "deal": "Constellation existing-fleet supply",
          "tier": 1,
          "k_band": "k>1"
        },
        {
          "id": "crane-tmi-1-restart",
          "deal": "Crane (TMI-1) restart",
          "tier": 2,
          "k_band": "k=1"
        },
        {
          "id": "pjm-fleet-uprates-11-units",
          "deal": "PJM fleet uprates (11 units)",
          "tier": 2,
          "k_band": "k=1"
        },
        {
          "id": "calvert-cliffs-uprate-share",
          "deal": "Calvert Cliffs uprate share",
          "tier": 2,
          "k_band": "k=1"
        }
      ],
      "coverage_note": null
    },
    {
      "id": "vistra",
      "name": "Vistra",
      "type": "Owner/utility",
      "design": null,
      "ticker": "NYSE: VST",
      "nrc_rung": null,
      "rung_label": "Existing fleet (no new-build rung)",
      "non_nrc": false,
      "grade": "A (8-K)",
      "as_of": "2026-10-23",
      "status": "20-year PPAs with Meta for Perry and Davis-Besse output plus uprates including Beaver Valley (8-K). Also sells Comanche Peak output to Amazon.",
      "in_deal_book": [
        {
          "id": "comanche-peak-ppa",
          "deal": "Comanche Peak PPA",
          "tier": 1,
          "k_band": "k>1"
        },
        {
          "id": "perry-davis-besse-ppas",
          "deal": "Perry + Davis-Besse PPAs",
          "tier": 1,
          "k_band": "k>1"
        },
        {
          "id": "perry-davis-besse-beaver-valley-uprates",
          "deal": "Perry / Davis-Besse / Beaver Valley uprates",
          "tier": 2,
          "k_band": "k=1"
        }
      ],
      "coverage_note": null
    },
    {
      "id": "amazon",
      "name": "Amazon",
      "type": "Hyperscaler/AI",
      "design": null,
      "ticker": "Nasdaq: AMZN",
      "nrc_rung": null,
      "rung_label": "Buyer (no license of its own here)",
      "non_nrc": false,
      "grade": "C",
      "as_of": "2026-10-23",
      "status": "Buys from operating reactors and holds X-energy equity. Its new-build ties are not binding offtake yet.",
      "in_deal_book": [
        {
          "id": "susquehanna-ppa-amended",
          "deal": "Susquehanna PPA (amended)",
          "tier": 1,
          "k_band": "k>1"
        },
        {
          "id": "comanche-peak-ppa",
          "deal": "Comanche Peak PPA",
          "tier": 1,
          "k_band": "k>1"
        },
        {
          "id": "calvert-cliffs-ppa-existing-share",
          "deal": "Calvert Cliffs PPA (existing share)",
          "tier": 1,
          "k_band": "k>1"
        },
        {
          "id": "calvert-cliffs-uprate-share",
          "deal": "Calvert Cliffs uprate share",
          "tier": 2,
          "k_band": "k=1"
        },
        {
          "id": "cascade-advanced-energy-facility",
          "deal": "Cascade Advanced Energy Facility",
          "tier": 4,
          "k_band": "k<1"
        },
        {
          "id": "x-energy-5-gw-partnership-remainder",
          "deal": "X-energy 5 GW partnership (remainder)",
          "tier": 6,
          "k_band": "k<1"
        },
        {
          "id": "indiana-xe-100-plant-breed-site",
          "deal": "Indiana Xe-100 plant (Breed site)",
          "tier": 6,
          "k_band": "k<1"
        },
        {
          "id": "north-anna-smr-study",
          "deal": "North Anna SMR study",
          "tier": 7,
          "k_band": "k<1"
        }
      ],
      "coverage_note": null
    },
    {
      "id": "google",
      "name": "Google",
      "type": "Hyperscaler/AI",
      "design": null,
      "ticker": "Nasdaq: GOOGL",
      "nrc_rung": null,
      "rung_label": "Buyer (no license of its own here)",
      "non_nrc": false,
      "grade": "C",
      "as_of": "2026-10-23",
      "status": "Buys from operating, restarted and uprated reactors, and holds a Kairos master agreement whose only binding piece so far is Hermes 2.",
      "in_deal_book": [
        {
          "id": "constellation-existing-fleet-supply",
          "deal": "Constellation existing-fleet supply",
          "tier": 1,
          "k_band": "k>1"
        },
        {
          "id": "loviisa-ppa-finland",
          "deal": "Loviisa PPA (Finland)",
          "tier": 1,
          "k_band": "k>1"
        },
        {
          "id": "duane-arnold-restart",
          "deal": "Duane Arnold restart",
          "tier": 2,
          "k_band": "k=1"
        },
        {
          "id": "pjm-fleet-uprates-11-units",
          "deal": "PJM fleet uprates (11 units)",
          "tier": 2,
          "k_band": "k=1"
        },
        {
          "id": "vogtle-1-2-hatch-nu-1-uprates",
          "deal": "Vogtle 1–2 / Hatch NU-1 uprates",
          "tier": 2,
          "k_band": "k=1"
        },
        {
          "id": "hermes-2",
          "deal": "Hermes 2",
          "tier": 3,
          "k_band": "k=1"
        },
        {
          "id": "arc-offtake-comparator",
          "deal": "ARC offtake (comparator)",
          "tier": 3,
          "k_band": null
        },
        {
          "id": "elementl-three-site-program",
          "deal": "Elementl three-site program",
          "tier": 6,
          "k_band": "k<1"
        },
        {
          "id": "kairos-master-agreement-remainder",
          "deal": "Kairos master agreement (remainder)",
          "tier": 6,
          "k_band": "k<1"
        }
      ],
      "coverage_note": null
    },
    {
      "id": "microsoft",
      "name": "Microsoft",
      "type": "Hyperscaler/AI",
      "design": null,
      "ticker": "Nasdaq: MSFT",
      "nrc_rung": null,
      "rung_label": "Buyer (no license of its own here)",
      "non_nrc": false,
      "grade": "C",
      "as_of": "2026-10-23",
      "status": "Anchor buyer for the Crane (TMI-1) restart. Its Helion fusion PPA is tracked only as a comparator.",
      "in_deal_book": [
        {
          "id": "crane-tmi-1-restart",
          "deal": "Crane (TMI-1) restart",
          "tier": 2,
          "k_band": "k=1"
        },
        {
          "id": "orion-fusion-ppa-comparator",
          "deal": "Orion fusion PPA (comparator)",
          "tier": 3,
          "k_band": null
        }
      ],
      "coverage_note": null
    },
    {
      "id": "meta",
      "name": "Meta",
      "type": "Hyperscaler/AI",
      "design": null,
      "ticker": "Nasdaq: META",
      "nrc_rung": null,
      "rung_label": "Buyer (no license of its own here)",
      "non_nrc": false,
      "grade": "A (Vistra 8-K); C others",
      "as_of": "2026-10-23",
      "status": "Binding PPAs with Vistra (8-K) and Constellation (Clinton). Its TerraPower and Oklo arrangements are non-binding.",
      "in_deal_book": [
        {
          "id": "clinton-ppa-relicense",
          "deal": "Clinton PPA + relicense",
          "tier": 1,
          "k_band": "k>1"
        },
        {
          "id": "perry-davis-besse-ppas",
          "deal": "Perry + Davis-Besse PPAs",
          "tier": 1,
          "k_band": "k>1"
        },
        {
          "id": "perry-davis-besse-beaver-valley-uprates",
          "deal": "Perry / Davis-Besse / Beaver Valley uprates",
          "tier": 2,
          "k_band": "k=1"
        },
        {
          "id": "natrium-fleet-2-funded-6-rights",
          "deal": "Natrium fleet (2 funded + 6 rights)",
          "tier": 5,
          "k_band": "k<1"
        },
        {
          "id": "pike-county-oh-aurora-campus",
          "deal": "Pike County OH Aurora campus",
          "tier": 5,
          "k_band": "k<1"
        }
      ],
      "coverage_note": null
    },
    {
      "id": "centrus",
      "name": "Centrus Energy",
      "type": "Fuel cycle",
      "design": null,
      "ticker": "NYSE American: LEU",
      "nrc_rung": null,
      "rung_label": "Fuel cycle (off the reactor ladder)",
      "non_nrc": false,
      "grade": "A (8-K)",
      "as_of": "2026-10-23",
      "status": "More than 1,900 kg of HALEU (as UF6) delivered under the DOE demonstration at Piketon, OH; new capacity targeted for 2029.",
      "in_deal_book": [],
      "coverage_note": null
    },
    {
      "id": "trisox",
      "name": "TRISO-X",
      "type": "Fuel cycle",
      "design": null,
      "ticker": "X-energy subsidiary",
      "nrc_rung": null,
      "rung_label": "Fuel facility license (off the reactor ladder)",
      "non_nrc": false,
      "grade": "A",
      "as_of": "2026-10-23",
      "status": "NRC fuel-fabrication license SNM-7007 issued Feb 13, 2026; TX-1 vertical construction complete Sep 24, 2026. Not operating.",
      "in_deal_book": [],
      "coverage_note": null
    },
    {
      "id": "fermi",
      "name": "Fermi America",
      "type": "Data center developer",
      "design": null,
      "ticker": "FRMI",
      "nrc_rung": 2,
      "rung_label": "NRC rung 2 · Docketed",
      "non_nrc": false,
      "grade": "A (FR); not deep-researched here",
      "as_of": "2026-10-23",
      "status": "Matador 4×AP1000 combined-license application docketed in parts; the site-specific Part 3 was withdrawn, with resubmission targeted by Dec 31, 2026. Draft EIS issued Oct 9, 2026.",
      "in_deal_book": [
        {
          "id": "project-matador-ap1000-x4",
          "deal": "Project Matador AP1000 ×4",
          "tier": 7,
          "k_band": "k<1"
        }
      ],
      "coverage_note": null
    }
  ]
}